Today, we’re excited to unveil the new face of Dragonfly. Dragonfly is the global crypto investment firm. Dragonfly includes Dragonfly Ventures, Dragonfly Liquid, and now Metastable, the oldest crypto hedge fund, which we recently acquired. Metastable is one of the longest-running funds in crypto history, co-founded in 2014 by Naval Ravikant, and was an early investor into Ethereum, Avalanche, Cosmos, Starkware, NEAR, Zcash, Filecoin, Dfinity, and Algorand. With its addition,...
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Terra will be remembered as the apotheosis of the 2020 crypto bull market. It started from humble beginnings as an experimental stablecoin. But in the span of a single year, Terra went from one of the best performing assets of this cycle to the most spectacular collapse a major cryptoasset has ever seen. The effects of its failure will reverberate through the industry for years to come — the perception of DeFi and...
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I’m proud to announce the launch of Dragonfly Fund III, a $650M venture fund. It’s our largest one yet. We’ve grown, and with this newest fund we’ll be backing the most disruptive founders, protocol builders, and hackers of this generation. We used to talk about how the revolution was coming. Well, it’s here now. Crypto has gone mainstream, but we’ve been doing this from the beginning, before any of it...
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The “Cypherpunk’s Manifesto” begins, “Privacy is necessary for an open society in the electronic age.” But privacy coins — cryptocurrencies with strong privacy features — have failed to take off. Monero and zcash are both worth less today than what they were worth in 2018. In comparison, ETH is worth more than twice its 2018 high. That’s just price, but the adoption metrics haven’t fared much better. Even on darknet markets, where you’d expect privacy...
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Will we live in a multi-chain world, or will there be “one chain to rule them all”? It depends on your mental model of what blockchains are. People usually describe L1 blockchains as networks, e.g. the Ethereum network, the Solana network. This implies that blockchains are endlessly extensible like the Internet, or Telegram, or Facebook. If blockchains are networks, then network effects will dominate, and one blockchain will win. But networks are...
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